Business News

Boeing-Lockheed's Vulcan rocket design 'nearly fully mature'

CAPE CANAVERAL, Fla. (Reuters) - A joint venture between Boeing Co (BA.N) and Lockheed Martin Corp (LMT.N) will conduct the final design review for its new flagship Vulcan rocket within months, it said on Wednesday, as the aerospace company heads for a showdown with Elon Musk’s SpaceX and others in the launch services market. The final design review is a crucial milestone as the company, United Launch Alliance (ULA...

17 Jan 12:19 AM 0 Read More...

In Papua New Guinea, Exxon's giant LNG project fuels frustration

PORT MORESBY (Reuters) - From her red-roofed home near Papua New Guinea’s capital of Port Moresby, Isabelle Dikana Iveiri overlooks a giant plant used by Exxon Mobil Corp to liquefy billions of dollars’ worth of natural gas before it is shipped to Asian buyers. Dikana Iveiri can also see swaths of muddy shoreline, where mangroves have been felled for firewood by locals who don’t have electricity, gas, or money ...

17 Jan 12:19 AM 0 Read More...

Exclusive: ADM CEO says wrong time for 'monster' acquisitions

CHICAGO (Reuters) - U.S. grain merchant Archer Daniels Midland Co (ADM) has looked at buying rivals including Bunge Ltd. and dozens of other companies but decided the time is not right for “monster” acquisitions, the company’s chief executive told Reuters. ADM’s overture to Bunge last year, reported by Reuters and other media, fueled Wall Street speculation of further consolidation among the world’s major ...

16 Jan 7:14 PM 0 Read More...

U.S. automakers push for deal on fuel efficiency rules

DETROIT (Reuters) - Executives at the major U.S. automakers are pressing the Trump administration and California to agree on standards for fuel efficiency and carbon emissions through 2025, as risks increase that a deadline for setting national standards will pass without a deal. Automakers are already entering the time frame when decisions should be made about what engines and fuel-saving technology, such as hybrids...

16 Jan 7:14 PM 0 Read More...

Kia issues new U.S. recall of 68,000 vehicles for fire risks

WASHINGTON (Reuters) - Kia Motors Corp (000270.KS) said on Wednesday it would recall 68,000 U.S. vehicles at risk of fuel leaks after it previously recalled them in 2017 for engine fire risks. A high pressure fuel pipe may have been damaged or improperly installed as part of an engine replacement during a previous recall, and that repair could increase the risk of fire, Kia said. The Korean automaker also said it wo...

16 Jan 7:14 PM 0 Read More...

Exclusive: India’s e-commerce curbs could hit online sales by $46 billion by 2022 – PwC draft analysis

NEW DELHI (Reuters) – India’s new foreign investment restrictions for its e-commerce sector, which includes giants such as Amazon.com Inc and Walmart-owned Flipkart, could reduce online sales by $46 billion by 2022, according to a draft analysis from global consultants PwC seen by Reuters. Under the changes, e-commerce firms in India will from Feb. 1 not be able to sell products via companies in which they...

16 Jan 5:09 PM 0 Read More...

Goldman, BofA earnings boost to drive Wall Street higher at open

(Reuters) - Wall Street was set to extend gains on Wednesday, after hitting a four-week high in the previous session, as strong earnings from Goldman Sachs and Bank of America as well as a $22 billion deal in the fintech sector lifted sentiment. Goldman Sachs (GS.N) climbed 3.2 percent in premarket trading after reporting an increase in trading revenue, the first Wall Street bank so far to show growth in that busines...

16 Jan 2:14 PM 0 Read More...

U.S. import prices fall; year-on-year drop largest since 2016

WASHINGTON (Reuters) - U.S. import prices fell for a second straight month in December as the cost of petroleum products tumbled and a strong dollar curbed prices of other goods, leading to the largest annual drop in more than two years. The report from the Labor Department on Wednesday added to weak producer and consumer prices data, strengthening economists’ expectations of a pause in interest rate increases from...

16 Jan 2:14 PM 0 Read More...

Sears chairman prevails in bankruptcy auction for retailer with $5.2 billion bid: sources

NEW YORK (Reuters) - Sears Holdings Corp (SHLDQ.PK) Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion, allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday. Lampert’s bid, boosted from an earlier $5 billion offer, prevailed after weeks of back-and-forth deliberations ...

16 Jan 9:09 AM 0 Read More...

Oil firm as supply cuts point to tighter market despite weakening economy

SINGAPORE (Reuters) - Oil prices firmed on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown. Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close. West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, a...

16 Jan 9:09 AM 0 Read More...